At the SPAC of Dawn
Good morning! Watch this space moving forward as a roundup of evening filings as well as news nuggets to nibble on beside your morning coffee.
The SPAC market has some increasing green shoots this week, with two new SPACs set to start trading today – AI Transportation (NASDAQ:AITR) and Agriculture & Natural Solutions (NASDAQ:ANSC).
Taken together with the three SPAC IPOs in October, Q4 has now matched the IPO totals of Q2 and Q3 of this year and presumably will best them before the year is out. With several major rumored non-SPAC IPOs gearing up for debuts in the first quarter of next year, the vibes are increasingly leaning towards normalcy to start 2024.
That said, November has started off slow in new announced deals with only one SPAC combination joining SPACInsider‘s announced column so far. Dealmaking tends to take a turkey nap at the midpoint of the month, so the coming weeks could be more about 40 new SPACs filed to IPO and the 153 with pending deals getting on and off the board, respectively.
News and Rumors
- Cooley: Delaware’s Chancery Court has seen a record caseload in 2023 with over 1,000 cases filed as of early October, 63 of which involve litigation around SPACs.
- Sky News: Arrival (NASDAQ:ARVL) has engaged Jefferies’ US office to raise raise fresh funding as it works through a restructuring with Alvarez & Marsal in the UK. Among the options being considered are a full or partial asset sale two years after initially going public with CIIG and four months after terminating a second SPAC deal with Kensington V.
- CanTech Letter: Following its bankruptcy, WeWork (NYSE:WE) disclosed that it is not currently planning to close any of its Canadian locations and is committed to growing its business there. BowX completed its combination with WeWork in October 2021.
Liquidations
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ALSP Orchid Acquisition Corporation I (NASDAQ:ALOR) will redeem all outstanding shares and liquidate at the close of business November 14. It expects to distribute $10.86 to shareholders from its trust.
Subscription Agreements
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Focus Impact BH3 Acquisition Company (NASDAQ:BHAC) entered into a subscription agreement with the new sponsor and Polar Multi-Strategy Master Fund for up to $1.2 million.
Scheduling Notes
- Black Mountain Acquisition Corp. (NYSE:BMAC) postponed its extension meeting, which was originally scheduled to be held on November 14, at 12:00 p.m., ET, and will now hold the meeting on November 17, at 10:00 a.m., ET. Additionally, the SPAC announced that it intends to enter into one or more non-redemption agreements with one or more stockholders.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...